Moderna Reports $971 Million Net Loss in Q1 2025, Revenue Declines 35%

Moderna, Inc. reported a net loss of $971 million for the first quarter of 2025, a decrease from the $1.175 billion loss recorded in the same period of 2024. The company's total revenue for the quarter was $108 million, down 35% from $167 million year-over-year. This decline was primarily driven by a significant drop in net product sales, which fell to $86 million from $167 million, largely due to reduced demand for its COVID-19 vaccine, Spikevax, and a modest contribution from its newly launched RSV vaccine, mRESVIA. The loss per share improved to $(2.52) from $(3.07) in the prior year.

In terms of operational metrics, Moderna's cash and cash equivalents decreased to $1.623 billion as of March 31, 2025, down from $1.927 billion at the end of 2024. The company’s total assets also declined to $12.704 billion from $14.142 billion, reflecting a reduction in investments and accounts receivable. Current liabilities decreased significantly to $1.604 billion from $2.206 billion, indicating improved cash management and operational efficiency. The company reported a decrease in accrued liabilities, which fell from $1.427 billion to $1.001 billion, suggesting a reduction in spending during the quarter.

Strategically, Moderna has made significant advancements in its product pipeline, with the FDA approving its RSV vaccine in May 2024. The company is also pursuing regulatory approvals for its next-generation COVID vaccine and other candidates, including a combination flu and COVID vaccine. In January 2025, Moderna secured a multi-year tender agreement to supply its COVID vaccine to 17 EU countries, enhancing its market presence. The company continues to invest in its manufacturing capabilities and has a robust pipeline of 31 development candidates across various therapeutic areas.

Looking ahead, Moderna anticipates that demand for its COVID and RSV vaccines will follow a seasonal pattern, with higher sales expected during the fall and winter months. However, the company expects overall product sales to decline in 2025 compared to 2024 due to lower vaccination rates and increased competition. Despite the challenges, Moderna remains committed to advancing its research and development efforts, particularly in late-stage programs, while managing costs effectively to navigate the evolving market landscape.